A one-rank, one pension (OROP) kind of scheme is in the works for retired PSU bank employees. OROP was a longstanding demand of armed forces’ veterans, where the pension would be reworked so that everyone who retired in the same rank will get the same pension, irrespective of the date of retirement.
Reserve Bank of India-appointed administrator of Punjab and Maharashtra Cooperative (PMC) Bank has come up with a revival strategy where private investors can take over and convert the failed cooperative into a small finance bank. Potential investors have to submit their expressions of interest (EoI) by December 15, 2020.
From top Japanese and Australian funds to those from Europe and the US, PM Modi will sell the India story to 20 global giants, with combined assets of $6 trillion, and pitch for long-term investments. The PM is scheduled to hold a round table with the CEOs and chief investment officers of top fund houses — ranging from Australian Super and Future Fund to Japan Post Bank and Ontario Pension — on Thursday.
Breaking the glass ceiling of Indian aviation, a woman has become the CEO of an Indian carrier for the first time, with the government appointing Harpreet A De Singh to the top position for Air India’s (AI) regional subsidiary Alliance Air.
In 2020, only the Indian market went ahead with Prime Day in India in August with record sales. The marquee sale event had been pushed to October in the rest of the world, including the US.
Lee Kun-Hee had been hospitalized since May 2014 after suffering a heart attack and the younger Lee has run Samsung, the biggest company in South Korea. A Samsung statement said Lee died on Sunday with his family members, including his son and de facto company chief Lee Jae-yong, by his side.
Petroleum minister Dharmendra Pradhan tells TOI that the government has successfully used the energy space to address consumer needs, while turning it into a diplomatic and trade tool.
Owned by the US-based Walmart, Flipkart is paying a premium of nearly 34% for each ABFR share at Rs 205 compared to Thursday’s close on the BSE (24% from Friday’s), according to regulatory filings.
Foreign direct investment (FDI) proposals with even minuscule Chinese holding will need government approval, with the Centre abandoning its earlier plan to set a floor for “significant beneficial ownership”.
Indian software services major Tata Consultancy Services became the most valued company in its sector globally, surpassing Accenture. At 11 pm IST, Accenture’s market capitalisation was $143.1 billion, compared to TCS’s $144.7 billion. IBM, the other global IT software major, had a market cap of $116 billion, data from NYSE, Nasdaq and BSE showed.
